The CBS reported that Consumer Price Index (CPI) fell to a seasonally adjusted annual rate of -0.2%, in March to 98.1 points, after falling 0.3% in February and 0.5% in January.

The CBS noted that the index without housing costs fell more sharply by 0.4% in March. Over the past 12 months, the CPI fell 0.7% and it has fallen 1% in the first three months of 2016, fuelled by the fall in world oil prices.

This is well below the government's inflation target range of between 1% and 3% although with oil prices now recovering CPI's from this month will likely start rising, after falling for the past five consecutive months.

Outstanding price falls in March included fresh fruit and vegetables 3.9%, public transport 1% , and food 0.5%. Outstanding price rises in March included culture and entertainment 0.7% and housing costs up 0.4%.